Defining Regulatory Excellence

In partnership with the University of Pennsylvania’s Penn Program on Regulation, the Alberta Energy Regulator (AER) undertook an international study, resulting in the development of the three pillars of Regulatory Excellence, all of which can benefit from collective input and discussion. ICORE was born from this effort, with our belief that a broad collaboration between global regulators could offer great benefits.

Utmost Integrity

Regulators are tasked with a critical responsibility. Their mandates may vary slightly, but at its core that responsibility is to ensure that business activity is done for the benefit of an economy, and by extension, the people who make up that economy. In some instances, the trust placed in regulators has eroded; society needs to have trust that everyone is playing by the same rules, that those rules are fair, and that those rules aren’t so burdensome that they curtail progress and innovation. A regulator’s credibility comes from their integrity, and that integrity is dependent on how well the regulator carries out their mandate. They must deliver on their mandates in a way that considers the broader public interest yet preserves the character of public institutions.

Empathic Engagement

A critical aspect of a regulator's work is to understand the impact the regulations and decisions they make will have on wide and diverse populations. To uphold the public trust, regulators must engage empathically with their stakeholders. Thoughtful consideration must be given to every point of view, and a regulator must weigh the value of investment with the concerns of all stakeholders.

Stellar Competence

Regulators are an essential and valuable part of the public sector. Regulatory Excellence depends on regulators consistently delivering on their mandates and ensuring investment proceeds safely and responsibly. The regulatory organization as a whole must uphold their mandates, and the same holds for individual regulators. They must be seen as knowledgeable and well-versed in their area of regulation. Their strides towards achieving credibility and trust must be ongoing and front-of-mind at all times.